The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Glamour and Value Strategies on the Tokyo Stock Exchange

This paper evaluates the performance of glamour and value strategies and tests the extrapolation model for the Japanese equity market. In general, value stocks outperform glamour stocks by between 6 and 12 percent per annum for the five years after portfolio formation. Evidence from past, future and expected growth provides strong support for the story developed in Lakonishok, Shleifer and Vishny (1994). It is difficult to attribute the value premia to the difference, if any, in risk factors. In addition, the book-to-market premium is much closer to an arbitrage opportunity than the size premium.     

Jackknifing Bond Option Prices

Prices of interest rate derivative securities depend cruciallyon the mean reversion parameters of the underlying diffusions.These parameters are subject to estimation bias when standardmethods are used. The estimation bias can be substantial evenin very large samples and much more serious than the discretizationbias, and it translates into a bias in pricing bond optionsand other derivative securities that is important in practicalwork. This article proposes a very general and computationallyinexpensive method of bias reduction that is based on Quenouille's(1956; Biometrika, 43, 353–360) jackknife. We show howthe method can be applied directly to the options price itselfas well as the coefficients in the models. We investigate itsperformance in a Monte Carlo study. Empirical applications toU.S. dollar swap rates highlight the differences between bondand option prices implied by the jackknife procedure and thoseimplied by the standard approach. These differences are largeand suggest that bias reduction in pricing options is importantin practical applications.     

中国出境旅游"双高"格局与政策取向辨析——兼与戴学锋、巫宁同志商榷

中国出境旅游的高增长和高消费现象引发了对出境旅游不经济性的讨论.本文通过与"中国出境旅游高速增长的负面影响探析"一文作者的商榷,认为出境旅游的迅速发展是我国现阶段宏观经济发展的必然结果,属于"补涨"性质;出境旅游消费存在"虚高"现象;出境旅游的发展为我国旅游业跨国经营创造了有利条件,而跨国经营是克服出境旅游不经济性的最佳途径.     

地质雷达探测技术在水库放水洞病害治理中的应用

为解决新疆努尔加水库放水洞内壁渗水、渍水等病害问题,根据工程特征和病害治理的要求,运用地质雷达探测技术对放水涵洞进行了检测.采用地质雷达探测仪,对放水涵洞洞身进行全断面扫描,完成了八条雷达测试剖面线.探测涉及的介质有砂砾石层、黏土、沙土、泥岩、砂岩、混凝土、钢筋、钢管、地下水、空气.通过分析探测目标体的电性差异和边界特...     

谈对桥梁设计与施工问题的探讨

浇盖粱支架在桥梁施工起到重要的作用,湛至直接决定着施工的质量.     

论广告传播在资本转换中的作用

布迪厄提出资本有经济资本、文化资本、社会资本等不同形态,并认为不同形态的资本之间是存在着相互转换的。在现实世界的资本转换之中,广告传播产生了积极的推动作用,并且随着广告业的纵深发展,这种推动作用会表现得越来越明显。     

如何建立完善中小企业内部控制体系

<正>一、完善内部控制体系是中小企业发展的内在要求随着经济全球化,市场竞争的激烈化,中小企业的生存和发展面临着极大地挑战。我们知道内部控制是包括企业在内的所有组织和机构正常运转的制度基础,是企     

“省直管县”财政体制如何促进经济增长——基于江苏省2004-2009年数据的实证分析

近几年来,省直管县财政体制在各省陆续实施,其主要目的在于克服既有的市管县体制存在的各种弊端。可以预期,这项改革措施有减少行政管理成本、解决县乡财政困难、促进县域经济增长等多种潜在作用。但可能存在的问题是,该财政体制如何促进经济增长?文章利用江苏省51个县(市)2004-2009年的空间面板数据进行分析发现,省直管县财政体制对经济增长的作用主要是通过县(市)扩权而产生的政府竞争效应实现的。     

公司选聘关系型独董仅是任人唯亲吗?—基于商业关系维护视角的分析

在我国人情交织的商业背景下,许多公司聘请了与高管存在社会关联的独立董事,由此产生了拖累企业治理效果的担忧.然而,企业聘请这类独立董事仅仅是关系作用下任人唯亲的行为吗?文章通过收集我国上市公司独立董事与董事长或总经理的社会关系数据,以2008-2015年上市公司作为研究样本,发现较多地与商业伙伴进行关系型交易的企业更倾向于聘请关系型独董.其原因在于,社会关系带来的信任使关系型独董能够为企业保守交易过程中的商业信息,并且支持企业为稳固商业关系而做出的相关决策.这一现象在企业处于激烈的行业竞争及较差的地区商业环境时更加明显.经济后果分析表明,这类企业聘请关系型独董后进行了更多的专有资产投资,并获得了更快的销售增长.文章研究表明,企业选择关系型独董不仅仅是关系使然,很可能是企业权衡自身特质后的一种理性选择.